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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Adventure in trade - investment in land - conversion of land use ...

Case Laws     Income Tax

November 14, 2013

Adventure in trade - investment in land - conversion of land use from commercial to residential cum commercial - intention - assessee is justified in declaring the amount received from assigning its rights over the plot of land by a tripartite agreement is assessable to capital gains tax - AT

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  1. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

  2. Sale and purchase of agriculture land - adventure in trade - Merely because of the fact that the land was sold for profit, it cannot be held that income arising from the...

  3. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

  4. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

  5. Correct head of income - LTCG OR Business income - engaged in the business of building construction and land developers - land shown in balance sheet as investment - it...

  6. Sale of agriculture land after converting into plots - once this was an adventure in nature of trade and income is to be taxed as per the provisions of Section 45(2) of...

  7. Assessee's intention was to hold landed property as investment, not for trade. Revenue failed to prove by reliable evidence that assessee indulged in activities typical...

  8. Adventure in the nature of trade - Merely because of the fact that the land was sold in a short period of holding, it cannot be held that income arising from the sale of...

  9. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

  10. In the ITAT Delhi case, the issue revolved around claiming exemption u/s 54F for investment in a residential house. The CIT(A) allowed the exemption based on the...

  11. Realignment of profits arising on sale of land parcels - surplus arising on sale of asset - ‘capital gains’ OR ‘business income’ - The CIT(A), in our view, has come to a...

  12. JDA - Proof of conversion of land into stock-in-trade - though the sale is more than One Crore, no Audit Report is filed by the assessee. No Balance Sheet has been filed...

  13. Correct head of income - sale of land - “capital gains” or “business income” - In the present case, undisputedly the appellant had made a distinction between those lands...

  14. Capital Gain (LTCG) or Business income - the tests laid down in the decisions support the plea of the Assessee that he did not do any adventure in the nature of trade...

  15. Method of computation of business income - sale of flat - conversion of land into stock-in-trade - assessee claimed that FMV on the date of conversion of land into...

 

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